Tax on house purchases over
|Standard Variable Rate|
A flat or apartment with the bedroom and living room all in one. It can have a separate kitchen or a kitchen in the corner of the main room.
There will still be a separate bathroom and toilet.
|Subject To Contract|
Report produced on a property to determining the value of the property, any structural problems and whether it is the sort of property the lender will be prepared to lend on.
Carried out by a qualified surveyor after he has inspected the property. You generally have three tiers of report available:
A Mortgage lender will require a valuation. The structural is the most in-depth and hence normally the most expensive.
Agreement between a landlord and the person/s who take legal residence in a property in return for rent payments
|Tenancy At Will||
A flexile type of letting agreement that often used for short term property letting. The agreement is indefinite and continues until the one of the parties gives notice to bring the tenancy to an end.
Can occur after exchange of contracts if a purchaser wants to gain access to the property before legal completion e.g. to start the renovation etc.
Can be organised formally through the solicitors and a licence arranged between both the vendor and the buyer. The buyer might agree to pay an appropriate rate of interest on the balance of money owed for the property (i.e. the purchase price of the property less the deposit that they have already paid).
|Tenancy Deposit Protection|
|Tenancy In Common||
Where several owners each own a stated percentage of the property.
Each owner may deal with their portion of the property as they wish (giving it away, mortgaging it, bequeathing it, etc.) and, upon their death, their share becomes part of their estate. Also known as Tenants in Common.
Person/company who takes legal residence in a property in return for rent payments